Yerevan, September 2, 2025

The Capital Market Support Programme (CMS), funded by the European Union and implemented by the European Bank for Reconstruction and Development (EBRD), clarifies that participation in the CMS Programme does not exclude companies from also benefiting under the Government of Armenia’s Program on State Assistance to the Issuance and Rating (the “State Programme”).

Both initiatives have been designed to work in synergy:

The State Programme provides direct reimbursement of issuance-related costs for bonds and shares, including audit, banking, and exchange fees.

The CMS Programme offers educational and capacity-building services, advisory support, and targeted grant financing to cover additional issuance-related expenses in amount of EUR 25,000-75,000.

Corporates that meet the respective eligibility criteria may access both programmes in parallel. Where appropriate, the CMS Programme will coordinate with the State Programme to ensure support is complementary and that the total amount of assistance remains within the issuer’s actual documented costs.

This complementarity ensures that Armenian companies receive the maximum available support to successfully access capital markets, helping to broaden financing options, diversify instruments, and strengthen Armenia’s capital market ecosystem.

How to participate

Registration for the CMS Programme is free of charge and requires only minimal company information. Companies can register and apply via the CMS website: https://cms-armenia.ebrd.com/